Chow Tai Fook, Far East Consortium finalise deal with Australian firm

The joint venture acquired Star Entertainment’s Brisbane assets.

Australian gaming and entertainment company Star Entertainment Group Limited announced sale of its assets in Destination Brisbane Consortium (DBC) and Destination Gold Coast Consortium (DGCC) in Brisbane, Australia, to Chow Tai Fook Enterprises Limited (CTFE) and Far East Consortium International Limited (FEC).

The company will sell its 50% equity interest in DBC and Charlotte Street Car Park, as well as Treasury Brisbane Car Park and Hotel, for $53m.

In return, the partners will receive a combined 66.67% interest in the Destination Gold Coast Consortium (DGCC), comprising the Dorsett and Andaz towers in Broadbeach.

The transaction will be completed in two stages. The first stage is the completion of the DBC equity transaction, with a closing date of 30 November 2025.

Subject to approval, the transfer of the remaining assets in the transaction, including DGCC and Brisbane's Treasury Hotel, is expected to be completed in the H2 2026.

The Star will not be required to make any equity contributions in relation to DBC from 31 March, saving at least $212m for the company.

The Star has struggled in financial difficulties, its 2023/24 report recorded a total loss of $1.7b, shares of the company was also suspended from the Australian Stock Exchange in early 2025.